Message from the State Comptroller
Following the very first Earth Day in 1970, a bipartisan wave of leadership established our nation’s foundational environmental laws. These acts—Clean Air, Clean Water, and National Environmental Policy—were a promise that every generation would inherit a more environmentally sound world. This is why one of my priorities has been to take action, through audits, reports and the pension fund, to address some of our most pressing environmental issues.
Over the last year, my office has reported on the impact of climate change on local governments, examined the implementation of clean drinking water initiatives and monitored the progress of agricultural programs in New York. And, as Trustee of the New York State Common Retirement Fund, I continue to lead the way on addressing climate change-related investment risks and capitalizing the transition to the low-carbon economy through our Sustainable Investment and Climate Solutions Program.
I am proud to share this overview of our work as a testament to our steadfast dedication to New York’s environmental quality.
Thomas P. DiNapoli
New York State Comptroller
2025 Climate Action Plan – Update and Progress Report
As Trustee of New York's pension fund and as someone who cares deeply about our shared future, Comptroller DiNapoli remains deeply concerned about the impacts of climate change on the Fund’s investments and on the economy as a whole.
In 2019, the Fund released its first-ever Climate Action Plan that described its multifaceted approach to addressing climate risks and in 2020 set a goal for transitioning its investment portfolio to net-zero emissions by 2040. Since then, significant progress has been made:
- Committed over $26 billion toward the goal of deploying $40 billion to the Sustainable Investment and Climate Solutions Program by 2035. This includes investments across all asset classes in everything from clean energy to green buildings and infrastructure.
- Reviewed over 140 companies in high-impact sectors like oil and gas and have current investment restrictions on 50 companies that failed to show viable transition strategies.
While it’s encouraging that the world is becoming more carbon-efficient, total emissions are still rising. In 2024, the consequences of this were witnessed firsthand in a year of intense weather-related
Since the world is changing quickly, the Fund is regularly assessing and refining its strategy. The 2025 Climate Action Plan – Update and Progress Report is a way of staying ahead of the curve, ensuring we are making the smartest, most sustainable choices for the Fund and everyone who depends on it. Building on the Fund’s successful work to address climate-related risks to the Fund and invest in climate solutions, the updated Plan expands the Fund’s beliefs, actions and goals to address not only the risks and opportunities associated with the transition to a low-carbon economy, but also the physical and systemic impacts of climate change.
Extreme Weather and Disaster Response Costs Rise in New York
The report, Severe Weather Events and Resiliency in New York State, shows that extreme weather events are happening more and more often and inflicting financial and emotional stress on New Yorkers from loss of life to property destruction. From flooded subway tunnels and roadways to destroyed and damaged homes, the consequences are dire and growing. Fortunately, New Yorkers approved the Clean Water, Clean Air and Green Jobs Environmental Bond Act, which will help pay for resilience investments, but the state cannot shoulder the whole cost burden itself. The federal government cannot abandon the states in preparing for and responding to disasters.
NYC Can Better Support Building Owners in Meeting Climate Targets |
New York State and the City of New York are leaders in combating climate change and reducing greenhouse gas emissions. Despite these efforts, an audit found the oversight and monitoring by the New York City Department of Buildings to track compliance with the city’s Climate Mobilization Act needed significant improvement to ensure that its important policy goals are achieved.
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Federal Actions Threaten New York's Farms and Food Production
New York farmers are under increasing economic and financial pressure because of federal policy changes, including higher tariffs, cuts to certain agricultural programs, and stricter immigration enforcement policies, according to the report, Federal Impact: New York State Farming and Agriculture. These challenges could diminish farm production, squeeze profits, and lead to higher prices for consumers. New York’s farms are a vital part of the state’s economy and the local food supply. Policies are needed that strengthen, not undermine their production and that lower, not drive up, prices in the grocery store.
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State Health Department Oversight of Lead Service Line Replacement Program Needs Improvement
Lead in drinking water poses a serious threat to public health, and can especially harm children, who are at greatest risk because their bodies and brains are still developing. New York State has worked to address this hazard by targeting funding towards finding and replacing lead water service lines. An audit found a lack of sufficient controls and guidance from the Department of Health for a state program intended to help municipalities replace lead drinking water service. Although the cost to replace lead service lines in the state far exceeds available funding, better guidance could help ensure any additional funds allocated for this purpose will be more effectively deployed.
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Recognizing the Advocates for the Future
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